ADA, the native cryptocurrency of the Cardano blockchain, is currently experiencing significant selling pressure. Over the past 24 hours, the price of ADA has dropped by 3.19%, now sitting at $0.4232. This decline is part of a broader trend influenced by the upcoming Chang upgrade, which many believe will play a crucial role in determining the future price movement of Cardano.

Recent data from CoinGlass highlights a notable increase in futures trading volume for Cardano, which surged by 29% in the last day, exceeding half a billion dollars. This surge indicates that perpetual futures trading in ADA is becoming more popular than traditional spot market transactions. The total trading volume for Cardano on various exchanges reached $466 million, bringing the overall volume to over $1 billion, according to CoinMarketCap.

The rising interest in futures trading underscores a shift towards more speculative activities among traders. This trend suggests that many are looking to capitalize on short-term price movements rather than investing for long-term growth. This shift in market behavior aligns with the broader speculative nature of cryptocurrency trading.

The highly anticipated Chang upgrade is expected to transition Cardano into the Voltaire era, following the current Basho era. Each development phase in the Cardano ecosystem is termed an "era," with the Voltaire era promising significant advancements. Scheduled for Q2 of 2024, this upgrade is eagerly awaited by the community, as it could lead to substantial price increases.

Historically, significant upgrades have had a profound impact on ADA's price. For instance, the price of ADA soared from $0.2 to $3.1 following the last Alonzo hard fork, representing a more than 30-fold increase in one year. Based on this precedent, experts predict a similar price surge could occur with the upcoming Chang upgrade, which aims to update all nodes by August.

Despite these optimistic projections, ADA is currently under intense selling pressure, having fallen 7.32% in the past week. If ADA breaks below the crucial support level of $0.42, it could potentially decline further to test the $0.39 support level. This scenario indicates that while there is potential for future gains, the short-term outlook remains challenging.

The sustained selling pressure on ADA highlights the bearish sentiment dominating the market. Traders and investors are closely monitoring the situation, with many hoping for a turnaround as the Chang upgrade approaches. The future of ADA's price will likely hinge on the successful implementation of this upgrade and the broader market conditions.

In conclusion, Cardano is facing a period of significant selling pressure and market uncertainty. The upcoming Chang upgrade could be a turning point, potentially driving ADA prices higher if it meets the community's expectations. For now, however, the market remains cautious, with traders focusing on short-term speculative opportunities. As always, investors should conduct thorough research and remain vigilant in these volatile market conditions.